1)I would like to know what is the process needed in terms of paperwork for a husband who is an oci living in the UK wanting to do a settlement of property inherited from his ancestors to his wife and child also oci citizens living in the uk. I was told by the registrar that as we are foreign nationals we should bring a attested letter from the embassy proving we are the cistizens of UK even though we had passports as prove of ID and OCI booklets and also get it attested by the local collector is that right? What is the right process for transferring property through settlement or executing a will or gift deed in Tamil Nadu,India ? Which one is the best option?What are the tax implications and cost factors for each case?ie settlement/will/gift deed.
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1) your husband can execute will wherein he bequeaths property to you
2) it does not require stamp duty just needs to be attested by 2!witnesses
3) registration is optional
4) in the alternative tour husband can execute gift deed in your favour
5) it is required to be stamped and registered
6) stamp duty depends upon stamp act of the state
7) your passport is suffice t proof that you are foreign citizens and OCI booklet sufficient proof that you are OCI
1. There is no special paper work need for a person who has OCI.
2. So you can execute and register an usual Deed of Settlement to settle your inherited property in favour of your wife and the child.
3. Alternatively you can execute a registered gift deed in their name.
4. Settlement deed is best option dn there is no tax implications.
1. You have valid proof that you are a UK citizen and Overseas Citizen of India.
2. You are eligible to posse, acquire, inherit and enter in to settlement of any property in India in your name
3. There is no rule stipulating that you shall have to get a letter attested by Indian consulate and get the same attested by the local collector.
4. The said rule/procedure has been developed locally to safe guard the registrar form any future attempted malpractice either real or assumed.
5. The said practice is not followed in other place for getting the deed of OCI registered.
6. Gift Deed seems to be the best option since it is expected to attract minimum stamp duty for registering a gift deed in favour of wife and anybody with blood relation.
7. There will be no I.Tax for receiving the gifted property and the cost of drafting and registering the gift deed should be within Rs.50 K plus the stamp duty and registration fees at actual which will be decided based on the value of the property..
Thanks for your replies but I would like to know what are the documents required to register the settlement or gift deed in my local registrar's office as the registrar is demanding this.So could some one tell me what documents I need and how they have to be worded so I am not given another runaround.As I dont want to come to India when I have to come back to UK to get a particular document which I did'nt get, to register the settlement or gift deed. Do I have to get notary public as well from UK?
since registrar is insisting that you should bring a attested letter from the embassy proving that you are the citizens of UK then aply to the embassy for such letter
2) further get attestation by collector office
3) it is better you contact an agent in regsitrar office for fulfilling the formalities .
4) email the draft to agent for obtaining approval from registrar office get it approved then only get letter signed from embassy
5) attestation by embassy is sufficient . dont get it notarised in UK
1. In he said gift deed, you shall have to show both of your identity proof along with PAN no.
2. If you do not have PAN no., apply for and obtain the same since it is available within 7/10 days.
3. You as well as your wife shall have to sign the said gift deed as donor and donee.
4. Engage a local lawyer to draft the said gift deed and register the same.
5. The said gift deed can be registered before the appropriate officer of your local Indian Consulate also for which you won;t have to come to India. Such registration before the Indian Consulate is absolutely valid legally.
The Will would come into force after the lifetime of the testator and the beneficiaries shall acquire the properties bequeathed only after enforcement of Will.
The settlement or gift deed are immediate transfer of properties in favor of the beneficiaries/donees.
The stamp duty for registered settlement deed is 1% of the guideline value of the property and it is 7%, the registration charges are 1% for both types of transfer.
When you inherit property, the first thing you must do is to transfer the title of the property to your name. You can do this by a process called 'mutation of revenue records.' You would need either a copy of the Will or in absence of a Will a legal heirship certificate issued by Tehsildar/revenue department.
After having transferred the property in your name, if you want to transfer the property to your spouse or child you can follow the same procedure that is required to be followed by any other citizen of India. In addition you may produce the certificates that would be required to establish your status and your wife's status, but it is not as tedious as had been misinformed by the person who you contacted in this regard,.
NRIs should consider the services of a local lawyer to handle property transfer matters for them.
If you have already transferred the properties in your name, then you may have to possess the original title documents, mutation records, a certificate to establish your OCI status, legal heirship certificate if not already produced, your spouse NRI identity, a certificate to certify that you both live in that country in the given address to be attested by a Notary or an Officer of the Indian consulate of that country, besides any other relevant documents that your advocate may inform. It is always better that NRIs should consider the services of a local lawyer to handle property transfer matters for them.